The Federation of Thai Industries reported on Tuesday that automobile production in Thailand experienced a significant decline of 16.62 per cent in July compared to the same month in the previous year, with output falling to 124,829 units. This reduction was primarily attributed to a decrease in domestic sales within the country.

&nbsp;

While the July figures represent a concerning trend, they actually show a slight improvement from June's performance, which saw a more substantial year-on-year decline of 20.11 per cent. However, it's important to note that this marks the twelfth consecutive month of contraction in the Thai automotive manufacturing sector.

&nbsp;

Looking at the broader picture, the cumulative car production for the first seven months of the year, spanning from January to July, showed an even more pronounced contraction of 17.28 per cent compared to the same period in the previous year. The total output during this time frame amounted to 886,069 units.

&nbsp;

Surapong Paisitpattanapong, who serves as the spokesperson for the automotive industry division of the Federation of Thai Industries, provided additional insight into the situation during a news briefing. He emphasised that the production intended for domestic sales has seen a particularly sharp decrease, with pickup trucks being especially affected by this downturn.

&nbsp;

The federation has identified tightened auto loan policies implemented by banks as a key factor contributing to the weakened domestic sales. This credit tightening is largely a response to the high levels of household debt prevalent in the country.

&nbsp;

The impact of these factors is evident in the July domestic car sales figures, which showed a year-on-year decline of 20.58 per cent. While this represents a significant drop, it actually shows some improvement compared to June, which had witnessed an even steeper annual decline of 26.04 per cent.

&nbsp;

Thailand holds a prominent position in Southeast Asia's automotive industry, serving as the region's largest production hub and a crucial export base for several major global automakers, including industry giants like Toyota and Honda. The country is particularly known for its production of pickup trucks, which constitute a significant portion of its automotive manufacturing output.

&nbsp;

In light of the ongoing challenges, the Federation of Thai Industries has revised its projections for the year. The domestic sales target has been substantially reduced from the initial forecast of 750,000 units to a more conservative estimate of 550,000 vehicles. Similarly, the production target for the year has been adjusted downward from 1.9 million vehicles to 1.7 million units. These revisions reflect a significant scaling back of expectations compared to the previous year's production volume of 1.84 million vehicles in 2023.

&nbsp;

These developments highlight the complex challenges facing Thailand's automotive sector, which is grappling with both domestic economic pressures and broader global market dynamics.

The Federation of Thai Industries reported on Tuesday that automobile production in Thailand experienced a significant decline of 16.62 per cent in July compared to the same month in the previous year, with output falling to 124,829 units.

The Federation of Thai Industries reported on Tuesday that automobile production in Thailand experienced a significant decline of 16.62 per cent in July compared to the same month in the previous year, with output falling to 124,829 units. This reduction was primarily attributed to a decrease in domestic sales within the country. While the July figures represent a concerning trend, they actually show a slight improvement from June's performance, which saw a more substantial year-on-year decline of 20.11 per cent. However, it's important to note that this marks the twelfth consecutive month of contraction in the Thai automotive manufacturing sector. Looking at the broader picture, the cumulative car production for the first seven months of the year, spanning from January to July, showed an even more pronounced contraction of 17.28 per cent compared to the same period in the previous year. The total output during this time frame amounted to 886,069 units. Surapong Paisitpattanapong, who serves as the spokesperson for the automotive industry division of the Federation of Thai Industries, provided additional insight into the situation during a news briefing. He emphasised that the production intended for domestic sales has seen a particularly sharp decrease, with pickup trucks being especially affected by this downturn. The federation has identified tightened auto loan policies implemented by banks as a key factor contributing to the weakened domestic sales. This credit tightening is largely a response to the high levels of household debt prevalent in the country. The impact of these factors is evident in the July domestic car sales figures, which showed a year-on-year decline of 20.58 per cent. While this represents a significant drop, it actually shows some improvement compared to June, which had witnessed an even steeper annual decline of 26.04 per cent. Thailand holds a prominent position in Southeast Asia's automotive industry, serving as the region's largest production hub and a crucial export base for several major global automakers, including industry giants like Toyota and Honda. The country is particularly known for its production of pickup trucks, which constitute a significant portion of its automotive manufacturing output. In light of the ongoing challenges, the Federation of Thai Industries has revised its projections for the year. The domestic sales target has been substantially reduced from the initial forecast of 750,000 units to a more conservative estimate of 550,000 vehicles. Similarly, the production target for the year has been adjusted downward from 1.9 million vehicles to 1.7 million units. These revisions reflect a significant scaling back of expectations compared to the previous year's production volume of 1.84 million vehicles in 2023. These developments highlight the complex challenges facing Thailand's automotive sector, which is grappling with both domestic economic pressures and broader global market dynamics.

Thailand car production reduces by 16.6 per cent Y-o-Y as local sale declines

For the first time in more than a decade, Apple Inc. dethroned Samsung Electronics to become the best-selling smartphone company last year, according to a report by Bloomberg citing data from a research firm IDC. This comes as the iPhone accounted for a fifth of the global market with over 200 million shipments in 2023.&nbsp;

<h2>About the report</h2>

South Korea’s largest company, Samsung, witnessed a slump in shipments last year and stood at 226.6 million, according to IDC estimates. Meanwhile, Apple’s iPhone accounting for a fifth of the global market witnessed 235 million shipments in 2023 topping the list among smartphone makers.&nbsp;

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China’s Xiaomi Corp followed Samsung in the third spot. “While we saw some strong growth from low-end Android players like Transsion and Xiaomi in the second half of 2023, stemming from rapid growth in emerging markets, the biggest winner is clearly Apple,” said IDC’s Director Nabila Popal, as quoted by Bloomberg.&nbsp;

“All this despite facing increased regulatory challenges and renewed competition from Huawei in China, its largest market. Apple’s ongoing success and resilience is in large part due to the increasing trend of premium devices, which now represent over 20% of the market,” Popal added.&nbsp;

<h2>How did Apple manage to do this?</h2>

Apple has reportedly been dominating the holiday season for some years now but its surge ahead of Samsung over a full year is unprecedented and suggests that the United States-based company is handling the industry-wide slump better than its rivals.

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Apple has also benefited from aggressive offers which have enticed users to shift towards a premium device and even managed to make it through a lukewarm welcome late last year for the iPhone 15 in China – one of its biggest international markets.&nbsp;

This comes amid a rise in the popularity of devices by Huawei Technologies Co. in China. The report also noted that while Apple was the only company in the top three to witness growth, the United States-based phone maker is not immune to the wider decline.&nbsp;

<h2>Apple’s bleak future in China?</h2>

iPhone sales in China dropped by 30 per cent in the first week of 2024, Jefferies analysts said in a note, as per Reuters. This drop has also been attributed to Huawei’s growing popularity.&nbsp;

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However, the note published on Sunday (Jan 7)&nbsp;also said that a decline in Apple’s sales was the primary catalyst for an overall double-digit drop in China smartphone shipments for the first week this year.&nbsp;

While the Bloomberg report noted that the iPhone sales were driven by aggressive discounting, the note by Jefferies analysts said that this decline was despite the reduction in prices.&nbsp;

The 30 per cent drop represents an acceleration from the three per cent year-over-year decline Apple witnessed throughout the year in 2023 in its third-largest market, Jefferies said.&nbsp;

(With inputs from agencies)

For the first time in more than a decade, Apple Inc. dethroned Samsung Electronics to become the best-selling smartphone company last year, according to a report by Bloomberg citing data from a research firm IDC.

For the first time in more than a decade, Apple Inc. dethroned Samsung Electronics to become the best-selling smartphone company last year, according to a report by Bloomberg citing data from a research firm IDC. This comes as the iPhone accounted for a fifth of the global market with over 200 million shipments in 2023. About the report South Korea’s largest company, Samsung, witnessed a slump in shipments last year and stood at 226.6 million, according to IDC estimates. Meanwhile, Apple’s iPhone accounting for a fifth of the global market witnessed 235 million shipments in 2023 topping the list among smartphone makers. WATCH | Economy grows 5.2% in the October-December quarter China’s Xiaomi Corp followed Samsung in the third spot. “While we saw some strong growth from low-end Android players like Transsion and Xiaomi in the second half of 2023, stemming from rapid growth in emerging markets, the biggest winner is clearly Apple,” said IDC’s Director Nabila Popal, as quoted by Bloomberg. “All this despite facing increased regulatory challenges and renewed competition from Huawei in China, its largest market. Apple’s ongoing success and resilience is in large part due to the increasing trend of premium devices, which now represent over 20% of the market,” Popal added. How did Apple manage to do this? Apple has reportedly been dominating the holiday season for some years now but its surge ahead of Samsung over a full year is unprecedented and suggests that the United States-based company is handling the industry-wide slump better than its rivals. ALSO READ | Apple implements rare iPhone 15 discounts in China amid demand uncertainty Apple has also benefited from aggressive offers which have enticed users to shift towards a premium device and even managed to make it through a lukewarm welcome late last year for the iPhone 15 in China – one of its biggest international markets. This comes amid a rise in the popularity of devices by Huawei Technologies Co. in China. The report also noted that while Apple was the only company in the top three to witness growth, the United States-based phone maker is not immune to the wider decline. Apple’s bleak future in China? iPhone sales in China dropped by 30 per cent in the first week of 2024, Jefferies analysts said in a note, as per Reuters. This drop has also been attributed to Huawei’s growing popularity. ALSO READ | India invests $24 mn in lithium exploration: Boosting energy transition & bilateral ties with Argentina However, the note published on Sunday (Jan 7) also said that a decline in Apple’s sales was the primary catalyst for an overall double-digit drop in China smartphone shipments for the first week this year. While the Bloomberg report noted that the iPhone sales were driven by aggressive discounting, the note by Jefferies analysts said that this decline was despite the reduction in prices. The 30 per cent drop represents an acceleration from the three per cent year-over-year decline Apple witnessed throughout the year in 2023 in its third-largest market, Jefferies said. (With inputs from agencies)

Apple dethrones Samsung as world’s top smartphone maker for 1st time since 2010

The US technology giant, Microsoft on Tuesday said that its earnings for the recent quarter fell short of expectations as the sales of personal computers suffered due to low demand and supply delays from China. The tech firm beat market expectations with a $16.7 billion profit on $51.9 billion in revenue but fell short of the same quarter year earlier. As per the firm its sales were harmed by the high US currency which made its products more expensive in overseas markets. Prior to a pandemic, the personal computer market had been steadily declining as more people switched to smartphones and tablets, AFP reported.

Dan Ives, a Wedbush analyst in a note to investors said that the decline in earnings was mostly caused due to fluctuating currency exchange rates and the closure of personal computer manufacturing in China. Ives states, “The most important core business; cloud and commercial bookings were relatively rock solid despite fears.” He further added, “The core DNA of the Microsoft growth story is cloud and core Azure growth which was healthy this quarter and appears to have momentum into 2023 despite economic headwinds."

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Chief financial officer at the firm Amy Hood said, “In a dynamic environment we saw strong demand, took share, and increased customer commitment to our cloud platform.”

However, the earnings report stated that the firm lost $300 million in income that would have been generated from Windows operating systems purchased to power the machines due to production shut-in in China and declining demand.&nbsp;

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Furthermore, after the pandemic, the prevalence of online commerce, employment, socialising, and entertainment has rekindled demand for desktop computers but isn’t sure when will this trend continue.&nbsp;

Ad revenue of the company at news, search and LinkedIn suffered due to reduced marketing expenditure. The firm also logged $126 million in operating costs connected to stopping operations in Russia amid the Ukraine crisis.&nbsp;

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However, the company’s CEO Satya Nadella said, “We see real opportunity to help every customer in every industry use digital technology to overcome today's challenges and emerge stronger.”

(With inputs from agencies)

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You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

The US technology giant, Microsoft on Tuesday said that its earnings for the recent quarter fell short of expectations as the sales of personal computers suffered due to low demand and supply delays from China.

The US technology giant, Microsoft on Tuesday said that its earnings for the recent quarter fell short of expectations as the sales of personal computers suffered due to low demand and supply delays from China. The tech firm beat market expectations with a $16.7 billion profit on $51.9 billion in revenue but fell short of the same quarter year earlier. As per the firm its sales were harmed by the high US currency which made its products more expensive in overseas markets. Prior to a pandemic, the personal computer market had been steadily declining as more people switched to smartphones and tablets, AFP reported. Dan Ives, a Wedbush analyst in a note to investors said that the decline in earnings was mostly caused due to fluctuating currency exchange rates and the closure of personal computer manufacturing in China. Ives states, “The most important core business; cloud and commercial bookings were relatively rock solid despite fears.” He further added, “The core DNA of the Microsoft growth story is cloud and core Azure growth which was healthy this quarter and appears to have momentum into 2023 despite economic headwinds." Also read | How Metaverse will impact journalism Chief financial officer at the firm Amy Hood said, “In a dynamic environment we saw strong demand, took share, and increased customer commitment to our cloud platform.” However, the earnings report stated that the firm lost $300 million in income that would have been generated from Windows operating systems purchased to power the machines due to production shut-in in China and declining demand. Watch | Microsoft Teams down for thousands of users worldwide Furthermore, after the pandemic, the prevalence of online commerce, employment, socialising, and entertainment has rekindled demand for desktop computers but isn’t sure when will this trend continue. Ad revenue of the company at news, search and LinkedIn suffered due to reduced marketing expenditure. The firm also logged $126 million in operating costs connected to stopping operations in Russia amid the Ukraine crisis. Also read | AI ethics overhaul: Microsoft to phase out public access to controversial facial recognition tool However, the company’s CEO Satya Nadella said, “We see real opportunity to help every customer in every industry use digital technology to overcome today's challenges and emerge stronger.” (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Microsoft’s earnings suffer as computer sales decline

Apple&nbsp;Inc on Thursday forecast bigger problems as COVID-19 lockdowns snarl production and demand in China, the war in Ukraine dents sales and growth slows in services, which the iPhone maker sees as its engine for expansion.

Shares were down 2.2 per cent&nbsp;in late trade after executives laid out their glum outlook on a conference call. The news outweighed record profit and sales for&nbsp;Apple's fiscal second quarter, which ended in March.

Chief Financial Officer Luca Maestri warned in an interview that the war in Ukraine, which led&nbsp;Apple&nbsp;to stop sales in Russia, would cut sales more deeply in the fiscal third quarter.

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He told analysts on the call that supply-chain issues would hurt sales in the quarter by $4 billion to $8 billion, "substantially larger" than the hit in the second quarter.

Supply problems were focused on a corridor in Shanghai, China and reflected covid&nbsp;disruptions and chip shortages, he added. The pandemic was also affecting demand in China, he said.

Chief Executive Officer Tim Cook said that almost all of the Chinese factories doing final assembly of&nbsp;Apple&nbsp;products had restarted after recent covid&nbsp;shutdowns, but the company is not forecasting when the chips shortage, mostly affecting older products, would end.

Cook said he hoped covid&nbsp;issues would be "transitory" and "get better over time."

At least one analyst said the outlook lacked clarity.

"We were all looking for just better guidance on what is really going on over there (China) ... and that didn't come out," said Louis Navellier, chief investment officer for Navellier &amp; Associates.

Kim Caughey Forrest, Chief Investment Officer at Bokeh Capital Partners, said that ongoing demand remained a big question, despite&nbsp;Apple's management of supply chain in the March quarter.

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Indeed, other high-profile tech companies also raised concerns. Amazon on Thursday posted a disappointing outlook as it was swamped by higher costs, sending its shares down 9 per cent&nbsp;after the close, and Intel Corp forecast a bleak quarter based on supply chain issues, and its stock fell 4 per cent.

Both companies, along with&nbsp;Apple, are part of the broader Nasdaq index, which has fallen nearly 19% this year as rising inflation drives investors elsewhere.

March quarter strength&nbsp;

Apple's overall fiscal second-quarter revenue was $97.3 billion, up 8.6 per cent&nbsp;from last year and higher than analysts' average estimate of $93.89 billion, according to Refinitiv data.

Worldwide phone sales revenue was $50.6 billion, a 5.5 per cent&nbsp;increase from a year ago, and services sales rose 17 per cent&nbsp;to $19.8 billion, both ahead of analyst average forecasts.

However, Maestri said that services growth would decelerate from the March quarter, while remaining in double-digits. He cited several factors, including more unfavorable currency exchange rates.

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Total profit was $25 billion, or $1.52 per share and easily topped analysts' expectations of $23.2 billion and $1.43.

Apple&nbsp;also raised its dividend 5 per cent&nbsp;to $0.23 per share and the board approved a buyback for an added $90 billion in shares.

Investors have been bracing for drops in consumer spending on tech gadgets and services as the war in Ukraine and other factors drive up the cost of oil, food and other staples.

Cook shrugged off an analyst question on inflation and consumers.

"We're monitoring that closely. But right now, our main focus, frankly speaking, is on the supply side," he said.

Asked about rising inflation, Maestri said demand, particularly for iPhones, had been higher than the company had anticipated at the start of the quarter. But he noted inflation was affecting expenses.

The pandemic, including the shift to hybrid work, has benefited other businesses.

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Apple&nbsp;said iPad sales fell 2 per cent&nbsp;to $7.65 billion due to supply-chain constraints, while revenue from Mac computers, also facing supply-chain issues, rose 14.7 per cent&nbsp;to $10.4 billion.

Sales of wearables, home speakers and accessories rose 12 per cent&nbsp;to $8.8 billion, and was the only unit to miss Wall Street targets. Maestri said Watch and AirPods sold well, and attributed the miss to seasonal variability in demand for other accessories.

Apple&nbsp;said it now has 825 million paying subscribers across its at least seven subscription offerings, up by 40 million from 785 million last quarter. Its growth comes as rivals such as Netflix Inc report subscriber losses.

Apple Inc on Thursday forecast bigger problems as COVID-19 lockdowns snarl production and demand in China, the war in Ukraine dents sales and growth slows in services, which the iPhone maker sees as its engine for expansion.

Apple Inc on Thursday forecast bigger problems as COVID-19 lockdowns snarl production and demand in China, the war in Ukraine dents sales and growth slows in services, which the iPhone maker sees as its engine for expansion. Shares were down 2.2 per cent in late trade after executives laid out their glum outlook on a conference call. The news outweighed record profit and sales for Apple's fiscal second quarter, which ended in March. Chief Financial Officer Luca Maestri warned in an interview that the war in Ukraine, which led Apple to stop sales in Russia, would cut sales more deeply in the fiscal third quarter. Also read | Apple just released iOS15.4 update with 37 new emojis, and netizens are not pleased He told analysts on the call that supply-chain issues would hurt sales in the quarter by $4 billion to $8 billion, "substantially larger" than the hit in the second quarter. Supply problems were focused on a corridor in Shanghai, China and reflected covid disruptions and chip shortages, he added. The pandemic was also affecting demand in China, he said. Chief Executive Officer Tim Cook said that almost all of the Chinese factories doing final assembly of Apple products had restarted after recent covid shutdowns, but the company is not forecasting when the chips shortage, mostly affecting older products, would end. Cook said he hoped covid issues would be "transitory" and "get better over time." At least one analyst said the outlook lacked clarity. "We were all looking for just better guidance on what is really going on over there (China) ... and that didn't come out," said Louis Navellier, chief investment officer for Navellier & Associates. Kim Caughey Forrest, Chief Investment Officer at Bokeh Capital Partners, said that ongoing demand remained a big question, despite Apple's management of supply chain in the March quarter. Watch | How netizens are reacting to Apple's 'pregnant man' emoji | Tech It Out Indeed, other high-profile tech companies also raised concerns. Amazon on Thursday posted a disappointing outlook as it was swamped by higher costs, sending its shares down 9 per cent after the close, and Intel Corp forecast a bleak quarter based on supply chain issues, and its stock fell 4 per cent. Both companies, along with Apple, are part of the broader Nasdaq index, which has fallen nearly 19% this year as rising inflation drives investors elsewhere. March quarter strength Apple's overall fiscal second-quarter revenue was $97.3 billion, up 8.6 per cent from last year and higher than analysts' average estimate of $93.89 billion, according to Refinitiv data. Worldwide phone sales revenue was $50.6 billion, a 5.5 per cent increase from a year ago, and services sales rose 17 per cent to $19.8 billion, both ahead of analyst average forecasts. However, Maestri said that services growth would decelerate from the March quarter, while remaining in double-digits. He cited several factors, including more unfavorable currency exchange rates. WATCH WION LIVE HERE Total profit was $25 billion, or $1.52 per share and easily topped analysts' expectations of $23.2 billion and $1.43. Apple also raised its dividend 5 per cent to $0.23 per share and the board approved a buyback for an added $90 billion in shares. Investors have been bracing for drops in consumer spending on tech gadgets and services as the war in Ukraine and other factors drive up the cost of oil, food and other staples. Cook shrugged off an analyst question on inflation and consumers. "We're monitoring that closely. But right now, our main focus, frankly speaking, is on the supply side," he said. Asked about rising inflation, Maestri said demand, particularly for iPhones, had been higher than the company had anticipated at the start of the quarter. But he noted inflation was affecting expenses. The pandemic, including the shift to hybrid work, has benefited other businesses. Also read | Apple is internally testing new models of MacBook series: Report Apple said iPad sales fell 2 per cent to $7.65 billion due to supply-chain constraints, while revenue from Mac computers, also facing supply-chain issues, rose 14.7 per cent to $10.4 billion. Sales of wearables, home speakers and accessories rose 12 per cent to $8.8 billion, and was the only unit to miss Wall Street targets. Maestri said Watch and AirPods sold well, and attributed the miss to seasonal variability in demand for other accessories. Apple said it now has 825 million paying subscribers across its at least seven subscription offerings, up by 40 million from 785 million last quarter. Its growth comes as rivals such as Netflix Inc report subscriber losses.

Apple sees bigger supply problems after strong start to year

German carmaker Volkswagen's Audi unit expects lower sales in 2020 despite strong numbers in the months of July, August and September.

World Business Watch: Audi chief sees 2020 sales down despite strong Q3

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